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Otis Worldwide Corp (OTIS) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Otis Worldwide Corp

CIK: 1781335 Ticker: OTIS

Exhibit 99

OTIS REPORTS FIRST QUARTER 2021 RESULTS

Delivers strong first quarter results with sales growth and margin expansion in both segments
and double digit New Equipment orders growth; improves 2021 outlook

Net sales up 14.9%; organic sales up 10.3%
GAAP operating profit up $180 million with 380 basis points of margin expansion
Adjusted operating profit up $83 million with 40 basis points of margin expansion
New Equipment orders up 18.4%; backlog up 8%, 2% at constant currency
GAAP cash flow from operations of $585 million; free cash flow of $541 million
Completed $300 million in share repurchases
Improved outlook* for full-year with organic sales up 4 to 6%, adjusted earnings per share of $2.78 to $2.84 and free cash flow of $1.35 to $1.45 billion

FARMINGTON, Conn., April 26, 2021 – Otis Worldwide Corporation (NYSE:OTIS) reported first quarter 2021 net sales of $3.4 billion with 10.3% organic growth. GAAP diluted earnings per share (EPS) increased 86.8% to $0.71 and adjusted diluted EPS increased 20.0% to $0.72.

"Otis had an excellent start to the year. Our New Equipment orders were up high teens, including growth in every region, and we saw increased organic sales and margin expansion in both segments. Continued robust cash flow generation enabled us to buy back $300 million of shares early in the year," said President and CEO Judy Marks. "This positive momentum combined with continued progress in executing our strategy and recovery in the end markets gives us confidence to improve our 2021 outlook, raise dividends by 20 percent and increase our share repurchase target to half a billion dollars, demonstrating our ongoing commitment to create value for our shareholders."

Key Figures
($ millions, except per share amounts)Quarter Ended March 31,
20212020Y/YY/Y (CFX)
Net sales$3,408 $2,966 14.9 %10.5 %
Organic sales10.3 %
GAAP
Operating profit$509 $329 $180 
Operating profit margin14.9 %11.1 %380 bps
Net income$308 $165 86.7 %
Earnings per share$0.71 $0.38 86.8 %
Adjusted non-GAAP comparison
Operating profit$533 $450 $83 $57 
Operating profit margin15.6 %15.2 %40 bps
Net income$312 $262 19.1 %
Earnings per share$0.72 $0.60 20.0 %



The following information was filed by Otis Worldwide Corp (OTIS) on Monday, April 26, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Otis Worldwide Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Equity
Condensed Consolidated Statements Of Changes In Equity (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Operations
Accounting Pronouncements
Accounts Receivable, Net
Accounts Receivable, Net (Tables)
Accounts Receivable, Net - Schedule Of Accounts Receivable (Details)
Accounts Receivable, Net - Schedule Of Allowance For Credit Losses (Details)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Basis Of Presentation
Basis Of Presentation (Policies)
Borrowings And Lines Of Credit
Borrowings And Lines Of Credit (Tables)
Borrowings And Lines Of Credit - Long-Term Debt (Details)
Borrowings And Lines Of Credit - Narrative (Details)
Borrowings And Lines Of Credit - Schedule Of Average Interest Rates On Borrowings (Details)
Borrowings And Lines Of Credit - Short-Term Borrowings (Details)
Business Acquisitions, Goodwill, And Intangible Assets
Business Acquisitions, Goodwill, And Intangible Assets (Tables)
Business Acquisitions, Goodwill, And Intangible Assets - Narrative (Details)
Business Acquisitions, Goodwill, And Intangible Assets - Schedule Of Goodwill (Details)
Business Acquisitions, Goodwill, And Intangible Assets - Schedule Of Intangible Assets (Details)
Contingent Liabilities
Contingent Liabilities (Details)
Description Of Business And Separation From United Technologies Corporation
Description Of Business And Separation From United Technologies Corporation (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Narrative (Details)
Employee Benefit Plans - Schedule Of Defined Benefit Plan Disclosures (Details)
Employee Benefit Plans - Schedule Of Share-Based Compensation And Related Income Tax Benefits (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Financial Instruments
Financial Instruments (Tables)
Financial Instruments - Narrative (Details)
Financial Instruments - Schedule Of Fair Value Of Derivative Instruments (Details)
Financial Instruments - Schedule Of Gain (Loss) On Derivative Instruments In Other Income (Details)
Financial Instruments - Schedule Of Gain (Loss) On Derivative Instruments Reclassified From Oci (Details)
Guarantees
Guarantees (Tables)
Guarantees - Guarantees And Product Warranties Rollforward (Details)
Guarantees - Narrative (Details)
Income Taxes
Income Taxes (Details)
Inventories, Net
Inventories, Net (Details)
Inventories, Net (Tables)
Related Parties
Related Parties (Details) - Changes In Balance Sheet
Related Parties (Details) - Schedule Of Separation Related Transactions
Related Parties (Tables)
Related Parties - Narrative (Details)
Related Parties - Schedule Of Separation Costs (Details)
Restructuring Costs
Restructuring Costs (Tables)
Restructuring Costs - Narrative (Details)
Restructuring Costs - Restructuring Roll Forward (Details)
Restructuring Costs - Schedule Of Pretax Restructuring Costs (Details)
Restructuring Costs - Schedule Of Restructuring Costs Expected, Incurred, And Remaining (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Contract With Customer, Assets And Liabilities (Details)
Revenue Recognition - Narrative (Details)
Segment Financial Data
Segment Financial Data (Details)
Segment Financial Data (Tables)
Share Repurchases
Share Repurchases (Details)
Ticker: OTIS
CIK: 1781335
Form Type: 10-Q Quarterly Report
Accession Number: 0001781335-21-000034
Submitted to the SEC: Wed Apr 28 2021 6:12:12 AM EST
Accepted by the SEC: Wed Apr 28 2021
Period: Wednesday, March 31, 2021
Industry: Electronic And Other Electrical Equipment No Computer Equip

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